v3.25.2
Note 21 - Segment and Geographic Information - Statements of Operations Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Net trading $ 10,757   $ 8,798     $ 19,968 $ 18,646  
Principal transactions 8,903   (7,568)     (6,504) (27,050)  
Other income 632   990     309 2,083  
Revenues 59,871   10,798     88,611 29,362  
Cash compensation and benefits 44,323   10,699     65,989 25,538  
Business development 949   545     1,777 1,001  
Occupancy and equipment 1,039   1,046     2,040 2,031  
Subscriptions, clearing, and execution 2,332   2,217     4,506 4,303  
Professional Fees 3,561   2,533     6,353 5,982  
Depreciation and amortization 172   125     344 249  
Total operating expenses 52,376   17,165     81,009 39,104  
Operating income (loss) 7,495   (6,367)     7,602 (9,742)  
Interest income (expense) (1,496)   (1,425)     (2,944) (3,091)  
Gain on sale of management contracts 837   0     837 0  
Income (Loss) from Equity Method Investments (1,437)   (5,996)     981 23,049 $ 21,704
Income (loss) before income taxes 5,399   (13,788)     6,476 10,216  
Income tax expense (benefit) 771   (205)     910 293  
Net income (loss) 4,628 $ 938 (13,583) $ (13,583) $ 23,506 5,566 9,923  
Net income (loss) attributable to Cohen & Company Inc. $ 1,408   $ (2,349)     $ 1,737 $ (326)  
Cash compensation as a percentage of revenue 72.28%   88.39%     71.98% 79.13%  
Operating income / (loss) as a percentage of revenue 12.52%   58.96%     8.58% 33.18%  
Net income / (loss) as a percentage of revenue 7.73%   125.79%     6.28% 33.80%  
Net income / (loss) attributable to Cohen & Company Inc. as a percentage of revenue 2.35%   21.75%     1.96% 1.11%  
Non-controlling Interest of Operating LLC [Member]                
Less: Net income (loss) attributable to the non-controlling interest $ (141)   $ (5,206)     $ (314) $ 11,064  
Cohen Co Including Noncontrolling Interest [Member]                
Net income (loss) 4,769   (8,377)     5,880 (1,141)  
Non-controlling Interest of Cohen & Co. [Member]                
Less: Net income (loss) attributable to the non-controlling interest [1] 3,361   (6,028)     4,143 (815)  
Cash Compensation [Member]                
Cash compensation and benefits 43,274   9,544     63,784 23,234  
Stock Based Compensation [Member]                
Cash compensation and benefits 1,049   1,155     2,205 2,304  
Asset Management [Member]                
Revenues 2,168   2,078     4,188 4,795  
New Issue and Advisory [Member]                
Revenues 37,411   6,500     70,650 30,888  
Operating Segments [Member]                
Net trading 10,757   8,798     19,968 18,646  
Principal transactions 8,903   (7,568)     (6,504) (27,050)  
Other income 632   990     309 2,083  
Revenues 59,871   10,798     88,611 29,362  
Business development 732   435     1,166 816  
Occupancy and equipment 747   735     1,467 1,470  
Subscriptions, clearing, and execution 2,281   2,163     4,402 4,187  
Professional Fees 2,839   1,423     4,638 3,375  
Depreciation and amortization 2   2     4 2  
Total operating expenses 45,597   14,447     70,371 34,055  
Operating income (loss) 14,274   (3,649)     18,240 (4,693)  
Interest income (expense) (22)   (18)     (40) (38)  
Gain on sale of management contracts           837    
Income (Loss) from Equity Method Investments (1,437)   (5,996)     981 23,049  
Income (loss) before income taxes 13,652   (9,663)     20,018 18,318  
Income tax expense (benefit) 0   0     0 0  
Net income (loss) 13,652   (9,663)     20,018 18,318  
Net income (loss) attributable to Cohen & Company Inc. $ 13,793   $ (4,457)     $ 20,332 $ 7,254  
Cash compensation as a percentage of revenue 64.99%   88.05%     65.96% 81.22%  
Operating income / (loss) as a percentage of revenue 23.84%   33.79%     20.58% 15.98%  
Net income / (loss) as a percentage of revenue 22.80%   89.49%     22.59% 62.39%  
Net income / (loss) attributable to Cohen & Company Inc. as a percentage of revenue 23.04%   41.28%     22.95% 24.71%  
Operating Segments [Member] | Non-controlling Interest of Operating LLC [Member]                
Less: Net income (loss) attributable to the non-controlling interest $ (141)   $ (5,206)     $ (314) $ 11,064  
Operating Segments [Member] | Cohen Co Including Noncontrolling Interest [Member]                
Net income (loss) 13,793   (4,457)     20,332 7,254  
Operating Segments [Member] | Non-controlling Interest of Cohen & Co. [Member]                
Less: Net income (loss) attributable to the non-controlling interest 0   0     0 0  
Operating Segments [Member] | Cash Compensation [Member]                
Cash compensation and benefits 38,913   9,508     58,452 23,848  
Operating Segments [Member] | Stock Based Compensation [Member]                
Cash compensation and benefits 83   181     242 357  
Operating Segments [Member] | Asset Management [Member]                
Revenues 2,168   2,078     4,188 4,795  
Operating Segments [Member] | New Issue and Advisory [Member]                
Revenues 37,411   6,500     70,650 30,888  
Operating Segments [Member] | Capital Markets [Member]                
Net trading 10,757   8,798     19,968 18,646  
Principal transactions 6,722   (5,230)     (6,355) (16,752)  
Other income 0   0     3 0  
Revenues 54,890   10,068     84,266 32,782  
Business development 675   370     1,050 672  
Occupancy and equipment 692   683     1,361 1,364  
Subscriptions, clearing, and execution 2,196   2,025     4,204 3,888  
Professional Fees 2,544   887     3,788 2,193  
Depreciation and amortization 0   0     0 0  
Total operating expenses 43,492   11,998     65,931 28,494  
Operating income (loss) 11,398   (1,930)     18,335 4,288  
Interest income (expense) (22)   (18)     (40) (38)  
Gain on sale of management contracts           0    
Income (Loss) from Equity Method Investments (482)   0     (481) 0  
Income (loss) before income taxes 10,894   (1,948)     17,814 4,250  
Income tax expense (benefit) 0   0     0 0  
Net income (loss) 10,894   (1,948)     17,814 4,250  
Net income (loss) attributable to Cohen & Company Inc. $ 10,894   $ (1,948)     $ 17,814 $ 4,250  
Cash compensation as a percentage of revenue 68.00%   78.35%     65.67% 61.29%  
Operating income / (loss) as a percentage of revenue 20.77%   19.17%     21.76% 13.08%  
Net income / (loss) as a percentage of revenue 19.85%   19.35%     21.14% 12.96%  
Net income / (loss) attributable to Cohen & Company Inc. as a percentage of revenue 19.85%   19.35%     21.14% 12.96%  
Operating Segments [Member] | Capital Markets [Member] | Non-controlling Interest of Operating LLC [Member]                
Less: Net income (loss) attributable to the non-controlling interest $ 0   $ 0     $ 0 $ 0  
Operating Segments [Member] | Capital Markets [Member] | Cohen Co Including Noncontrolling Interest [Member]                
Net income (loss) 10,894   (1,948)     17,814 4,250  
Operating Segments [Member] | Capital Markets [Member] | Non-controlling Interest of Cohen & Co. [Member]                
Less: Net income (loss) attributable to the non-controlling interest 0   0     0 0  
Operating Segments [Member] | Capital Markets [Member] | Cash Compensation [Member]                
Cash compensation and benefits 37,325   7,888     55,336 20,092  
Operating Segments [Member] | Capital Markets [Member] | Stock Based Compensation [Member]                
Cash compensation and benefits 60   145     192 285  
Operating Segments [Member] | Capital Markets [Member] | Asset Management [Member]                
Revenues 0   0     0 0  
Operating Segments [Member] | Capital Markets [Member] | New Issue and Advisory [Member]                
Revenues 37,411   6,500     70,650 30,888  
Operating Segments [Member] | Asset Management Segment [Member]                
Net trading 0   0     0 0  
Principal transactions 0   0     0 0  
Other income 584   939     1,020 1,487  
Revenues 2,752   3,017     5,208 6,282  
Business development 57   65     115 132  
Occupancy and equipment 55   52     106 106  
Subscriptions, clearing, and execution 82   92     168 178  
Professional Fees 216   330     588 793  
Depreciation and amortization 2   2     4 2  
Total operating expenses 1,822   1,729     3,788 4,078  
Operating income (loss) 930   1,288     1,420 2,204  
Interest income (expense) 0   0     0 0  
Gain on sale of management contracts           837    
Income (Loss) from Equity Method Investments 0   0     0 0  
Income (loss) before income taxes 1,767   1,288     2,257 2,204  
Income tax expense (benefit) 0   0     0 0  
Net income (loss) 1,767   1,288     2,257 2,204  
Net income (loss) attributable to Cohen & Company Inc. $ 1,767   $ 1,288     $ 2,257 $ 2,204  
Cash compensation as a percentage of revenue 50.40%   38.18%     52.94% 44.49%  
Operating income / (loss) as a percentage of revenue 33.79%   42.69%     27.27% 35.08%  
Net income / (loss) as a percentage of revenue 64.21%   42.69%     43.34% 35.08%  
Net income / (loss) attributable to Cohen & Company Inc. as a percentage of revenue 64.21%   42.69%     43.34% 35.08%  
Operating Segments [Member] | Asset Management Segment [Member] | Non-controlling Interest of Operating LLC [Member]                
Less: Net income (loss) attributable to the non-controlling interest $ 0   $ 0     $ 0 $ 0  
Operating Segments [Member] | Asset Management Segment [Member] | Cohen Co Including Noncontrolling Interest [Member]                
Net income (loss) 1,767   1,288     2,257 2,204  
Operating Segments [Member] | Asset Management Segment [Member] | Non-controlling Interest of Cohen & Co. [Member]                
Less: Net income (loss) attributable to the non-controlling interest 0   0     0 0  
Operating Segments [Member] | Asset Management Segment [Member] | Cash Compensation [Member]                
Cash compensation and benefits 1,387   1,152     2,757 2,795  
Operating Segments [Member] | Asset Management Segment [Member] | Stock Based Compensation [Member]                
Cash compensation and benefits 23   36     50 72  
Operating Segments [Member] | Asset Management Segment [Member] | Asset Management [Member]                
Revenues 2,168   2,078     4,188 4,795  
Operating Segments [Member] | Asset Management Segment [Member] | New Issue and Advisory [Member]                
Revenues 0   0     0 0  
Operating Segments [Member] | Principal Investing [Member]                
Net trading 0   0     0 0  
Principal transactions 2,181   (2,338)     (149) (10,298)  
Other income 48   51     (714) 596  
Revenues 2,229   (2,287)     (863) (9,702)  
Business development 0   0     1 12  
Occupancy and equipment 0   0     0 0  
Subscriptions, clearing, and execution 3   46     30 121  
Professional Fees 79   206     262 389  
Depreciation and amortization 0   0     0 0  
Total operating expenses 283   720     652 1,483  
Operating income (loss) 1,946   (3,007)     (1,515) (11,185)  
Interest income (expense) 0   0     0 0  
Gain on sale of management contracts           0    
Income (Loss) from Equity Method Investments (955)   (5,996)     1,462 23,049  
Income (loss) before income taxes 991   (9,003)     (53) 11,864  
Income tax expense (benefit) 0   0     0 0  
Net income (loss) 991   (9,003)     (53) 11,864  
Net income (loss) attributable to Cohen & Company Inc. $ 1,132   $ (3,797)     $ 261 $ 800  
Cash compensation as a percentage of revenue 9.02%   20.46%     41.60% 9.91%  
Operating income / (loss) as a percentage of revenue 87.30%   131.48%     175.55% 115.29%  
Net income / (loss) as a percentage of revenue 44.46%   393.66%     6.14% 122.28%  
Net income / (loss) attributable to Cohen & Company Inc. as a percentage of revenue 50.79%   166.03%     30.24% 8.25%  
Operating Segments [Member] | Principal Investing [Member] | Non-controlling Interest of Operating LLC [Member]                
Less: Net income (loss) attributable to the non-controlling interest $ (141)   $ (5,206)     $ (314) $ 11,064  
Operating Segments [Member] | Principal Investing [Member] | Cohen Co Including Noncontrolling Interest [Member]                
Net income (loss) 1,132   (3,797)     261 800  
Operating Segments [Member] | Principal Investing [Member] | Non-controlling Interest of Cohen & Co. [Member]                
Less: Net income (loss) attributable to the non-controlling interest 0   0     0 0  
Operating Segments [Member] | Principal Investing [Member] | Cash Compensation [Member]                
Cash compensation and benefits 201   468     359 961  
Operating Segments [Member] | Principal Investing [Member] | Stock Based Compensation [Member]                
Cash compensation and benefits 0   0     0 0  
Operating Segments [Member] | Principal Investing [Member] | Asset Management [Member]                
Revenues 0   0     0 0  
Operating Segments [Member] | Principal Investing [Member] | New Issue and Advisory [Member]                
Revenues 0   0     0 0  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]                
Net trading [2] 0   0     0 0  
Principal transactions [2] 0   0     0 0  
Other income [2] 0   0     0 0  
Revenues [2] 0   0     0 0  
Business development [2] 217   110     611 185  
Occupancy and equipment [2] 292   311     573 561  
Subscriptions, clearing, and execution [2] 51   54     104 116  
Professional Fees [2] 722   1,110     1,715 2,607  
Depreciation and amortization [2] 170   123     340 247  
Total operating expenses [2] 6,779   2,718     10,638 5,049  
Operating income (loss) [2] (6,779)   (2,718)     (10,638) (5,049)  
Interest income (expense) [2] (1,474)   (1,407)     (2,904) (3,053)  
Gain on sale of management contracts           0    
Income (Loss) from Equity Method Investments [2] 0   0     0 0  
Income (loss) before income taxes [2] (8,253)   (4,125)     (13,542) (8,102)  
Income tax expense (benefit) [2] 771   (205)     910 293  
Net income (loss) [2] (9,024)   (3,920)     (14,452) (8,395)  
Net income (loss) attributable to Cohen & Company Inc. [2] (12,385)   2,108     (18,595) (7,580)  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Non-controlling Interest of Operating LLC [Member]                
Less: Net income (loss) attributable to the non-controlling interest [2] 0   0     0 0  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Cohen Co Including Noncontrolling Interest [Member]                
Net income (loss) [2] (9,024)   (3,920)     (14,452) (8,395)  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Non-controlling Interest of Cohen & Co. [Member]                
Less: Net income (loss) attributable to the non-controlling interest 3,361   (6,028)     4,143 (815)  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Cash Compensation [Member]                
Cash compensation and benefits [2] 4,361   36     5,332 (614)  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Stock Based Compensation [Member]                
Cash compensation and benefits [2] 966   974     1,963 1,947  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Asset Management [Member]                
Revenues [2] 0   0     0 0  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | New Issue and Advisory [Member]                
Revenues [2] $ 0   $ 0     $ 0 $ 0  
[1] The units of membership interests in the Operating LLC (“LLC Units”) not held by Cohen & Company Inc. (that is, those held by the non-controlling interest) may be redeemed and exchanged into shares of the Company on a ten-for-one basis. The LLC Units not held by Cohen & Company Inc. are redeemable, at the member’s option at any time, for (i) cash in an amount equal to the average of the per share closing prices of the Common Stock for the ten consecutive trading days immediately preceding the date the Company receives the member’s redemption notice, or (ii) at the Company’s option, one tenth of a share of the Common Stock, subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of the Common Stock as a dividend or other distribution on the outstanding Common Stock, or a further subdivision or combination of the outstanding shares of the Common Stock. These LLC Units are not included in the computation of basic earnings per share. These LLC Units enter into the computation of diluted net income (loss) per common share when the effect is not anti-dilutive using the if-converted method.
[2] Unallocated includes certain expenses incurred by indirect overhead and support departments (such as the executive, finance, legal, information technology, human resources, risk, compliance, and other similar overhead and support departments). Some of the items not allocated include: (1) operating expenses (such as cash compensation and benefits, equity-based compensation expense, professional fees, travel and entertainment, consulting fees, and rent) related to support departments excluding certain departments that directly support the Capital Markets business segment; (2) interest expense on debt; and (3) income taxes. Management does not consider these items necessary for an understanding of the operating results of these business segments and such amounts are excluded in business segment reporting to the CODM.